New York Attorney General Letitia James announced that four promoters of fraudulent cryptocurrency investment schemes will pay nearly $6 million in settlements. The schemes specifically targeted Haitian and immigrant communities through various means, including church prayer groups, social media, and WhatsApp messages.
The four individuals—Martin Zizi, Frantz Ciceron, Ricardo Roy Sr., and James Corbett—have agreed to pay a combined total of $5.98 million. This action is part of a 2024 lawsuit against cryptocurrency companies NovaTechFx and AWS Mining Pty Ltd., which allegedly defrauded hundreds of thousands of investors globally.
James stated that NovaTech and AWS Mining misled thousands of vulnerable New Yorkers by portraying their investments as safe when, in fact, they were victims of a pyramid scheme. “These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings,” she said.
According to the Attorney General’s office, over 11,000 New Yorkers participated in these schemes, leading to losses totaling tens of millions of dollars. The affected investors are spread across New York City, Long Island, Westchester, Rockland, and Orange counties.
Under the terms of the settlements, the amounts owed by each promoter are as follows:
- Martin Zizi: $2.9 million
- Frantz Ciceron: $2.05 million
- James Corbett: $750,000
- Ricardo Roy Sr.: $275,861
The funds from these settlements are intended to aid the victims of the schemes. State officials have accused the promoters of making false or misleading claims about investment opportunities, acting as unregistered brokers, and engaging in illegal pyramid schemes.
The developments illustrate ongoing efforts by New York officials to address fraudulent practices within the cryptocurrency sector and seek restitution for affected residents.
